My reading of this phony bill indicates that there will be NO Foreclosures allowed on deadbeats so the mortgages are worthless and the homes will free. There are 350 pages of give-aways and even some tax breaks for wooden arrows make by Indians. Laundry washers be only top loaders and will have some volume limits imposed and coal-fired plants will have to meed some kind of EcoNazi carbon sequestering mandate. Some bureaucrat can adjust the mortgage contract and lower principal, interest and more.
This is a joke.
", the Secretary shall implement a plan that seeks
to maximize assistance for homeowners and use the authority
of the Secretary to encourage the servicers of the underlying mortgages, considering net present value to the
taxpayer, to take advantage of the HOPE for Homeowners
Program under section 257 of the National Housing
Act or other available programs to minimize foreclosures.
"
"(2) MODIFICATIONS.—In the case of a residential
mortgage loan, modifications made under paragraph
(1) may include (A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
"
The Senate Bailout Swamp and Other Follies: The Taxpayers will Give you Free Mortgages and Get Stuck for Carbon Taxes in Return.
http://rycksrationalizations.blogtownhall.com/2008/10/01/th e_senate_bailout_swamp_and_other_follies_the_taxpayers_will _give_you__free_mortgages_and_get_stuck_for_carbon_taxes_in _return.thtmlGet to cash, T-Bills and Gold.........things are going down.
rycK